The accounting period were the revenue is actually earned will then be understated in terms of profit. At the end of the second quarter of 2020, Morningstar had $287 million in unearned revenue, up from $250 million from the prior-year end. The company classifies the revenue as a short-term liability, meaning it expects the amount to […]

QuickBooks Self-Employed is QuickBooks’ freelance-specific bookkeeping software. It starts at $15 a month and offers features like mileage tracking, basic invoicing, and receipt scanning. In contrast, QuickBooks Online was built for freelancers, sole proprietors, and small-business owners with employees. It has more expansive accounting features than QuickBooks Self-Employed, including report generation and business income tracking, […]

Set payroll to a schedule, so your team gets paid on time, every time. Sign up for payroll payroll right from your FreshBooks account, and our set-up process will have you paying your team in no time. Reverse your payable entries with a debit and decrease the Cash account with a credit. If that’s not […]

This includes bank statements, invoices, receipts, payroll data, donation records, and any other financial transactions. Unlock sustainable funding for your nonprofit with our expert guide on venture capital strategies. Learn actionable tips to secure long-term financial support and propel your mission forward. Another long-term liability can be deferred revenue, linked with multi-year grants or donor […]